Why Net Worth Goes CRAZY After $100,000!
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- เผยแพร่เมื่อ 8 ก.ค. 2024
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⌚️Timestamps:
00:00 Start Here
00:16 Reason 1
02:34 Reason 2
04:03 Strategy 1 to get to $100k Net Worth
05:16 Strategy 2 to get to $100k Net Worth
07:00 Strategy 3 to get to $100k Net Worth
08:42 Strategy 4 to get to $100k Net Worth
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All opinions expressed by Vincent Chan are solely Vincent Chan’s opinions. You should not treat any opinion expressed by Vincent Chan as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his opinion. Vincent Chan’s opinions are based upon information he considers reliable, but does not warrant its completeness or accuracy, and it should not be relied upon as such. Vincent Chan is not under any obligation to update or correct any information provided. Vincent Chan’s statements and opinions are subject to change without notice.
Past performance is not indicative of future results. Vincent Chan does not guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed. Strategies or investments discussed may fluctuate in price or value. Investors may get back less than invested. Investments or strategies mentioned may not be suitable for you. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You must make an independent decision regarding investments or strategies mentioned. Before acting on information, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.
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He forgot to mention that 100k cultivates the skills of discipline. I saved well past 100k and bought real estate. Now i am working to rebuild that 100k, half way there!
$100k is SO powerful, not just because of the compounding power (which is really the same realitive to amount at all levels of net worth) but the psychological boost you get for having 6-figures in savings is incredible.
I started watching finance channels at 17. I'm 28 now and so incredibly happy with how my net worth has grown over time.
Congratulations. I stumbled into finances in my late 20's, unfortunately got laid off and landed another great job at exactly 30 😂. Im 36 and so far so happy with my networth 😊.
you are lucky, we did not have these finance channels (even though most of them are bad) or resources in my college days 20 years ago. Its like the US govt and public education does everything possible to make you financially illiterate
I am just starting to try and save my first 2-3k at 36 years old... Oh well. I guess better later than never. 🤷
You got this!! What do you think is the biggest challenge for you?
@@VincentChan I actually live in Bulgaria where my salary is around 15k dollars a year and prices are pretty much the same as in western Europe where salaries are a lot higher, so to me - this is the main problem, but the other problem is mentally and to know where exactly your money is going every month.
@@VincentChan I just printed out a blank sheet for monthly expenses literally 5 minutes ago and will start to write down every expense to keep track. Thank you for inspiring me to start changing my life towards better financial future. 😊🙏🙏
Never late to take care of yourself,
@@jeffdunnell6693 I agree 👍
This guy is one of the only few guys on youtube who actually gives me hope in myself
Awwww❤
that means a lot thank you. im really glad i can help.
For real. Gives me the feeling of being capable of achieving wealth, without winning the birth lottery
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
Using physics to help explain the critical mass thing, how helpful.
I am on track to hit 100k next year. Started at 35 and will be 38 this month.
From $10K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
All good if you got 15 k left after paying bills and eating,just pay yourself first at least ten cents of every dollar you make and never spend it,invest it when it’s big enough,you won’t need much for having money that makes money.
Another way people fail to build wealth is squandering money on bad choices: I just went to lunch yesterday with a friend and her friends. Her friends drove us in their 7 series BMW which they leased new in 2021. It is an $80k car and the husband works as a tradesman at a blue-collar service business. The lease payment is $1200/mo. That means over their 3 year lease, they will lose $43,000 and have nothing to show for it. Instead, since they claim they needed the space for their kid, they could have PURCHASED a new minivan for that amount and OWNED the vehicle which would have been good for at least 10 years or more with lower maintenance costs and more room. Their annual transportation costs would have been a fraction of what they are losing today. You might argue, they want and "deserve" the luxury though they complained the car isn't as convenient as they wanted. I would counter that it is not luxurious to ride in a car with cheerios and cheezits all over the rear carpets and jelly smears on the B pillars and they would have been better off functionally and financially BUYING the minivan (preferably 1 year used).
I’m so grateful for your videos. I am a 47 yr old school teacher and am ready to get out of debt and start building wealth so I can retire before I burn out 😔I am hoping it is not too late.
You mentioned starting a workshop for young people on one of your other videos. That is next level. I would love something like that for my son who just graduated from high school. Thank you 😊
Should be "47-yr-old teacher"... you need hyphens
This is such a high value video!!!
Great information. Thank you for sharing your knowledge.
I love the automated idea.
great information, and a good job keeping the video interesting even though it's educational. I find myself both watching and uploading personal development, business, and money related videos
Super interesting video, I hit 100k earlier this year and it’s been crazy to see how quickly it grows now!
Congratulations man! Really happy for you 🎉🎉😊😊
Let’s hope the market doesn’t go bottoms up anytime soon 😅
@@kingmeke76 If it does, that just means it’s a great time to invest more. Because when it eventually rebounds, all those shares you bought while they were cheap will multiply.
Just let that grow and grow. You're in am excellent position
The % of growth stays the same.
Vincent is right about this. Interesting that nobody in business class ever mentioned this or even dollar cost averaging.
Yes, you may be right. Back in the 1980's, I first learned about dollar cost averaging when studying for my securities license. This is when stocks were still trading in 1/4, 1/2, 3/4, and whole dollars. So, Apple stock might be $175 and 3/4 of a dollar. Ah the good old days (smile ... smile).
Anyone who can amass 100k is not an ordinary person. I talked to people about money and it seems like most people would have difficulty saving enough money to cross the street…
Sound advice given on this video. Many financial gurus will recite the same strategies/methods that are one size fits all.. however a person's finance will as unique as that individual's personality. What works for one will not work for others, therefore it's best to create your own custom financial path. It will lead you to your financial goals because it is specifically tailored to you by you. Math never lies, if the goal is to buy a car or a home the math will tell you how much car or house you can afford... if you can't afford what you set your mind to it, either scale that car or house down and/or increase your income with a side hustle, finding a better paying job. At one point I had three jobs as I had set a goal to my a home. It took me 2 years to save enough to buy a small 1br condo. If I didn't hustle and continue to only work 1 job I'd probably would still be renting.
Sound advise, I agree with you 100 percent. The best way to beat higher and higher rental fees, is to own (the condo, town home, or single family house) where you live (smile ... smile).
GR8 VALUE Vincent.👏🏾
Great video 💗🌷
Success depends on the actions or steps you take to achieve it. Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future.., I pray that anyone who reads this will be successful in life!!
Starting early is simply the best way of getting ahead to build wealth , investing remains a priority . I learnt from my last year's experience , I am able to build a suitable life because I invested early ahead this time .
I was in a terrible position a couple years ago. I was always anxious. I decided to start working with a financial advisor, and I started making a lot of monthly dividends that my anxiety disappeared.
Exactly my solution too, even though I'm not retired. As a contractor with limited time to analyze investments, I've relied on a fiduciary for the past seven years to manage my portfolio. This strategy has helped me navigate market fluctuations effectively and also increased my porfolio by up to 300%. You might consider a similar approach.
@@mariaguerrero08Could you possibly recommend a CFA you've consulted with?
Yes indeed.... *Gertrude Margaret Quinto* has always been on the top of my list..She is regarded as a genius in her area and well knowledgeable about financial markets. I highly recommend you look her up if you want excellent collaboration.
Compound interest works the same no matter how much money you have. $100,000 is an arbitrary number made up by Charlie Munger. It’s fine to have a goal of investing that much, but it’s not actually going to make a difference in the growth rate.
There's a threshold below which your net worth increases are primarily through your own contributions, and above which compound interest gains start to outpace your contributions in increasing your net worth. For the median income, $100,000 is a nice round number that very roughly approximates that threshold. I wouldn't say it's entirely arbitrary, although given inflation, it may need to be raised a bit. $100,000 ain't what it used to be.
Omg, how do you not understand. 7% if $100 is $7. 7% of 100,000 is %$7000. Therefore the more money you have the more you will make. $100,000 is important for psychological reasons, and is achievable for most I'm western countries if they don't spend their money on nonsense
The rate doesn't change, no however the speed of growth is much more noticeable from say 40k to 100k. The amount is almost at the point of self sustainability (with mortgage paid off) in the UK in a lot of areas and that's just pure growth from investments, not from anything extra you put in through the year.
You clearly have no idea what you’re talking about
Thank you for saying this. I love math and I could never get my head wrapped around how $100k to $500k would be any different than $1k to $5k.
Of course $400k to $500k is going to be a shorter period of time. It's only a 25% difference. The curve they always show is very misleading.
This is interesting
Does this concept still apply for 4 separate accounts with 25k each
I went from 99k to 154k in 3 months. I need more
One hundred Thousand happiness comes from within 😮
I know what helps is turnng some expenses into a yearly thing. Like streaming services, phone bill, etc. I can pay phone bill , grammlerly, Disney+ yearly. I had to let go my patreon with supporting cause my money is tight as it is since switching part time at work to tend to school. Making sure the supplies the teacher ask if what yall actually gonna use gor you want waste money or see if there's a cheaper option to get side item. Thrifting is fun and you'll find so much stuff.
I hope to start saving for retirement starting next year since I have been getting better with my money. Hopefully once I pay off this car I can start without stressing my self lmao.
easiest way is to be bank. Have the person buy the home. sign up for 6.5%+ 30 years mortgage that's 120% in gains.
Crazy that this video got recommended to me and I literally reached 100k in savings/investments this week.
It did take me around 5 years to get there
So you're saying I could be a millionaire soon?
Hello, can you share the website where you can find Google courses for free? Thanks
Does it matter if the $100K is split or together?
It doesn't matter as long as the money is invested.
I just mentioned this to my coworker in Friday
If you can get out of college, or during college, invest 10 to 30k, or as much as you can save, don't touch it until retirement. Invest in the s and p or MSCI fund. It'll be probably worth 1 to 1.5 million at retirement. Plus, will help establish healthy saving habits. I'm 39 years old and I'm now a millionaire, my net worth increased by over 200k in the past 2 years. Once you get close to 1 million invested, it just skyrockets.
Net worth truly snowballs after $100k! Keep investing regularly and you'll be blown away how much it can change in a few short years. Here's to $1 million and to FIRE!
What I see here: cost savvy is important, and pay yourself first! But I believe you need to actually want to have more money, so this point is most important after you control your cost. Lot of people just dont care. So you need to ask for a raise every year you need to listen to finance podcast to actually become what you want to be. Financially successful. Just by living below yiur means this won't being you there alone.
True, but the most important thing is just not to save...but, you need to invest your money and start as early in your career as possible (smile...smile).
Yup it takes forever to get to $100k, but wealth quickly snowballs afterwards.
Can I get that spiderman wallet!
can i ask a stupid question? what if Person A has 2 accounts? 50k in one account and 50k in another account? Person B has just 1 account with 100k? do both people collect interest at the same rate?
If you have 2 separate accounts with 50k in each of them, and you are invested in the same investment (like index funds), that is the same as having 100k in one account. They will collect interest at the same rate if they are in 2 separate accounts (again, assuming both are in the same investment). 100k invested is 100k invested, no matter if it's in multiple accounts. Hope that helps.
This is so true. Just talked to my financial advisor, and my investment of $2M will grow to $7M in 15 years with my small annual contribution. It was hard getting to the first million, but it's so fast getting to the next.
Yes, you are correct 100 percent, that is how it works.
I never heard stupidest ideas...loosing time....😅
took me 5 years to save 100k. Took me another 5 years to reach 1 million, and I went broke many times in between
Wait, you can have your checking account attached to another High yield savings account and the S&P 500?? If so, I had no idea.
I’m looking for some advice. I turned 18 in January, since then I have been investing about 1500 every month from my work income into the s&p 500. However before turning 18 I had accumulated about 30k. While everyone says it’s about time in the market, I just feel the market is overvalued. Should I ignore this feeling and just invest in an etf or stick it in high yield savings account in hopes of a market downturn. I appreciate any advice
You're thinking too short term. The markets will always go up and down. That's where the 7% AVERAGE return of the S&P 500 comes from. Some years it's up, some it's down. You have 50+ years for that money to grow. Keep contributing $1,500/month into the S&P 500 and in 50 years you will have millions of dollars!
Can’t wait for July 1st 😎💪
Nah it takes more time
Cool! 😎👍
Edit: Is it possible to earn $100,000 every 6 months in IT job?...🤔
I'm living 6 pack to 6 pack.
I’m favoured, $22k every week! I can now give back to the locals in my community and also support God’s work and the church. God bless America
Where to park 100K
A lot of people recommend index funds. There is a subreddit called r/bogelheads dedicated to low cost index funds. I would take a look there!
Crazy How I Was Among Your First 20 Subscribers
600k+ And Running 🎉
Woah really??? Which was the first video you saw??
@@VincentChan The Very First! On High Yeild Savings Accounts. During COVID
This is silly, nothing explodes at 100K, you are contributing the same amount of hard earned cash every year. The entire amount is growing by 7% a year, which is just the definition of compound interest. Only 10% of the US population achieves a net worth of a million dollars or more.
It's not silly and is supported by data, which the presenter showed you. Of course nothing happens over nightz but it happens far quicker than just saving. Even just leaving that 100 k to compound alone is enough to make you better off than most. More Americans and Brits could do this if they didn't spend their money on nonsense.
@@BillY-tw8xc do you even understand math?
@@rozinant1237 it's obvious you don't. 7% of $100,000 is a lot more than 7% of $100. That's why reaching 100k is an important milestone for most. Use your brain.
@@BillY-tw8xc Given your grade school logic, then wouldn’t 200K be even better?
@@rozinant1237yes $200k would actually be better that’s the math
So my kid became a millionaire at 26 (net worth) and a multimillionaire at 30. His money goes into the SP500 index funds!!!!
100k now what?
Sigh. I've searched for 100k to 1 mil videos and none ever comes up. At this point, I just have to assume that everyone who made 100k eventually became a millionaire. It's just making 100k 9 more times, right?
Really the only point is that, it takes less and less time to arrive at the next $100,000 mark (i.e. it takes longer to grow from $200,000 to $300,000, than it takes to grow from $500,000 to $600,000).
in 30 years after taking into account 2% inflation YOY and taxes, that 1 Million will be worth maybe 500k
That’s why it’s called rate race 😅
If you beat inflation every and stack up 4-6% extra you will be way ahead in 30 years 😅
idk why, but no matter how many of these 100k charlie munger vids I watch, I keep clicking on the new ones. It's copium.
I have $100,000 but not £100,000 😄
Great video. When I was in my 20s, my friend who was a scientist like me, got $2000 as a gift. He wanted to buy a DSLR camera (this was before the dominance of cell phones). I tried to convince him it was better to save and invest it. He insisted it was "only" $2000 and investing it wasn't worth it. Today, he is still working and trying to build savings while I am a retired multimillionaire.
Press X to doubt.
You’re retiring in your 40s as a multimillionaire off of working for twenty years on a “scientist”’s salary?
@@CGorman68 No. When I was in my 20s I was a Scientist. I retired from being a Director 5 years ago at the age of 53. Press whatever you like.
@@BSGSV still, your description of the situation likely has far less to do with your friend’s spending habits and more to do with you moving into positions that pay higher salaries thus allowing you to save more.
I’d also imagine your drawdown of your investments is very conservative (thinking sub-3%?) if you’re planning on living 30+ years on it.
@@CGorman68 No. He holds a higher position than I did at the end of my career. Is there a point to this attack? We get it: you don't believe me. There is not enough space in YT comments to provide a doubter like you with enough "proof" of anything. Let's just go our own ways. Drop it.
I wish I knew better in my early 20's. I didn't make much but those little bits would've been great.
I do my IT hobby as my work and on the side to. I earn around 200 euro a hour with this 😊I am busy paying off my student debt and after that I will start investing as much as I can
You sounded like "perfect"! But easy said than done eg people with a adhd brain!?
You stole that thumbnail from Nischa. Really you just stole everything from her video
Getting annoyed with these finance TH-camrs. 7% is not the return you should expect. It’s 10% over 100 YEARS. The difference in 7% and 10% can be literally 1m $. Who cares about 3% inflation. You’re not gonna look back in 30 years and think “well adjusted for inflation, I have 1.2m in 2024 money. 🙄 You’re selling people sooooo short
Edit let me me show you. Starting with 10k , putting in 1,000$ a month for 40 years = 2.6m
That same premise, but with 10% return is 6 MILLION. A difference of almost 4 million. Do not use 7%. Thank me later.
Don't use 7% because 10% makes you feel better? Lol it's a good conservative estimate and it's not even accounting for multi year bear markets that have occurred in basically every decade for the last 30-40 years. Expecting 10% every single year is ludicrous
Nobody wants pineapple pizza.🤢
Pineapple pizza is amazing
@@VincentChan i highly recommend trying it with jalepiños
Second?
Third :)
@@VincentChan 👌😅😅
First?
Yayyy :)
It appears, every You Tuber is doing a $100,000 video. Next time Vincent, please start with a higher value say $200,000 which, in 2024 is just a simple middle class annual income (before taxes). My 401(k) reached $100,000 in my 30's but, I was not very impressed because my ultimate goal was to have $500,000 in liquid assets by retirement. Now in my early 60's, I retired last year. However, I fell a little short of my goal because of periods of unemployment and, lower salaries but was able to save $400,000, in my retirement accounts. This along with my pension is more than enough for a happy retirement (smile ... smile).